The massive misappropriation was ultimately discovered when American Express notified the Company
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Free InquiryThe massive misappropriation was ultimately discovered when American Express notified the Company W that funds were being wired from a Company bank account to pay for expenses on Sachdeva’s personal credit card. According to the SEC, Sachdeva authorized at least 206 wire transfers of funds from Koss bank accounts to pay for her American Express credit card bills and issued more than 500 cashier’s checks from company accounts to pay for personal expenses. Sachdeva used the cashier’s checks to make direct payments to retailers, such as Neirnan Marcus and Saks Fifth Avenue. Sachdeva attempted to conceal the identities of the recipients of the checks by using acronyms on the checks such as “S.F.A. Inc.” for Saks Fifth Avenue, “N.M. Inc.” for Neiman Marcus, and others. Sachdeva was able to conceal the fraud by directing other Koss employees to make numerous fraudulent entries in Koss’s books and records. Julie Mulvaney, the Company’s senior accountant who was responsible for making journal entries, reconciling accounts receivable, reconciling the Company’s bank statements, ordering cashier’s checks, processing wire transfers, and checking the daily bank account balances assisted Sachdeva in covering up the fraud.
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